BOSTON ( TheStreet) -- Warren Buffett, secretly, has one for Berkshire Hathaway (BRK.A - Get Report). Rupert Murdoch made news when he tipped his hat with initial details of News Corp.'s (NWS - Get Report). Robert Benmosche nearly triggered one for AIG (AIG - Get Report) when he huffed and puffed about government oversight.
The "it" in question is a business-succession plan, something a surprising number of companies, particularly small businesses, lack.
A recent survey by MassMutual found that 62% of the businesses it questioned don't have a legally documented succession plan. That means that in the event of death, disability or divorce, the loss of leadership and resulting uncertainties could bring about hardship and controversy as heirs carve out a niche for themselves.
The low percentage of succession plans presents an opportunity for insurance companies like John Hancock and MetLife (MET - Get Report) as they market whole-life policies that can assist with the passing of the torch.